Insurance software vendor Applied Systems said it has completed its acquisition of the property/casualty business of IVANS, which has been providing products for insurance data exchange and integration between insurance carriers and agencies for more than 30 years.
The IVANS P/C unit will operate under the name IVANS Insurance Solutions as a separate business division of Applied Systems. It will be led by Jim Ochiltree, president of IVANS P/C, and the entire existing senior management team, and will operate from its existing office locations in Tampa, Fla., and Cincinnati, Ohio.
In another related transaction announced today, ABILITY Network, a healthcare technology company, completed its acquisition of the two remaining divisions of IVANS — its healthcare and retail business segments.
IVANS was founded by 24 insurance companies in 1984. IVANS currently has 125 employees in offices in Tampa, Cincinnati and its headquarters, Stamford, Conn.
University Park, Illinois-based Applied Systems, which was founded in 1983, said it will develop product enhancements and technical innovation to improve carrier-agency integration for the benefit of the entire P/C industry. Applied Systems also said that as an open solution, it will continue to provide its data communication solutions and support to all existing carriers and agency management systems in the marketplace.
Applied Systems specializes in agency management systems and data exchange between agencies, brokers, carriers and their clients. It has about 11,000 clients and 1,000 employees.
IVANS has supplied the property/casualty industry with managed network, electronic data interchange (EDI) and agency-company interface services. One of it products, the Auto Liability Insurance Reporting (ALIR) software, is used by insurers to electronically submit evidence of auto liability insurance as required to some states.
IVANS is also one of the original co-sponsors of the getrealtime.org campaign to convince more independent agencies to utilize real time uploading of policy information.
IVANS P/C’s data exchange is currently used by about 350 insurance carriers and more than 25,000 independent insurance agencies across the U.S., according to Applied Systems.
“Technology is redefining the insurance business, delivering greater value through more efficient information exchange between insurance carriers and agencies and their customers,” said Reid French, CEO, Applied Systems. “Together, Applied Systems and IVANS will deliver more value to the insurance industry through innovation in carrier-agency data exchange and more efficient workflows.”
Applied Systems has had a long partnership with IVANS and assisted in the development of IVANS’ open platform solutions utilized throughout the P/C insurance industry.
“This important milestone creates new opportunities to deliver enhanced technology and the highest level of service to our customers,” said Ochiltree.
Was this article valuable?
Here are more articles you may enjoy.